“The Welfare State is not solely there to provide for the poor but also to provide a social insurance system to all citizens, since people tend to under invest in health, education and pensions while not preparing financially for the uncertain events which life brings to them personally or their family”. This was stated by the Minister for Finance Professor Edward Scicluna during a business breakfast organised by the Vassallo Group at the Malta Chamber of Commerce, Enterprise and Industry on Thursday 19th May 2016. The theme of the event was on whether there is room for a bigger role for the private sector in the social sphere.

PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE

The Finance Minister also remarked that the Government should step in to provide a service only when there is clearly an issue of market failure. However where the private sector is able to provide a more efficient service, the Government can let the private sector provide that service while it acts as a regulator. He also stressed out the importance of tripartite collaboration composed of the private sector, the public sector and NGOs including the Church for the provision of social welfare.

Minister for Finance Edward Scicluna concluded that the Government needs to be pro-active and find modern solutions in the social sphere and this can be achieved by increasing the involvement of private and social enterprises.

Government officials, private sector employees, civil society officials and academics attended the event. The theme of the event was introduced by Vassallo Group Chairman Mr Nazzareno Vassallo while Dr Andrew Azzopardi, an Academic and Opinionist, delivered a keynote speech on the subject. The discussion was led by the Malta Independent senior journalist Ms Rachel Attard.

Thursday 19th May 2016